Is FIGR a Buy? What to Consider in 2026
Short answer
The bull case for Figure Technology Solutions (FIGR) rests on HELOC origination scale and market leadership: Figure is the largest non-bank HELOC originator in the U.S., and its origination volume has grown quickly, with roughly $2.4 billion in HELOC lending in the third quarter of 2025 alone. Revenue (TTM) is ~$510 million (up ~74%). If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: Figure carries elevated, above-average risk for a recently public company. Whether FIGR is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a financial technology company co-founded by SoFi founder Mike Cagney that originates and distributes consumer and mortgage-related loans, with home equity lines of credit (HELOCs) as its core product. Figure pairs a technology-driven loan origination system (which promises approvals in minutes and funding in days) with Figure Connect, an electronic marketplace launched in June 2024 that lets originators sell loans to buyers, and it uses blockchain-based infrastructure such as its Digital Asset Registry Technology (DART) to track and transfer loans. The company has grown into the largest non-bank provider of home equity financing in the country, facilitating more than $17 billion in home equity lending, and it expanded into residential real estate lending through its acquisition of Kiavi. Figure went public on September 11, 2025, pricing its IPO at $25 per share and raising roughly $788 million. The investment picture combines rapid revenue growth (trailing-twelve-month revenue around $510 million as of mid-2026, up about 74 percent) and a swing to net income with elevated risk: shares ran up to roughly $78 in January 2026 before falling back toward the low $30s, and the company has faced an April 2026 short-seller report from Morpheus Research that disputes how central blockchain actually is to its business, plus a February 2026 data breach affecting nearly one million people. The stock trades at a high earnings multiple that prices in continued growth, so it is economically sensitive to interest rates, the housing and HELOC cycle, and its ability to keep scaling loan volume and marketplace activity.
What's the case for buying FIGR?
1. HELOC origination scale and market leadership.
Figure is the largest non-bank HELOC originator in the U.S., and its origination volume has grown quickly, with roughly $2.4 billion in HELOC lending in the third quarter of 2025 alone. At the end of that quarter it serviced more than 302,000 HELOCs with an unpaid principal balance of about $11.1 billion. Because home equity is a large and under-tapped market when mortgage rates keep homeowners from refinancing, continued origination growth is the central driver of revenue.
2. Figure Connect marketplace and capital-markets flywheel.
Figure Connect, launched in June 2024, lets Figure and third parties buy and sell loans in a standardized electronic marketplace, and the company reported over $1.15 billion in whole loan sales executed on the platform in March 2026 alone. If more originators and buyers join, Figure can earn fees on transaction volume it does not fund itself, turning it into a marketplace and technology business rather than only a balance-sheet lender. This capital-light distribution is what management frames as its long-term advantage.
3. Profitability and revenue growth.
Figure turned profitable as it scaled, reporting net income of roughly $89.8 million in the third quarter of 2025 and trailing-twelve-month net income above $100 million by mid-2026, with revenue growing at a high double-digit rate. Sustained profitability at a young fintech is unusual and, if it continues, supports the case that the model can fund its own growth. The durability of these margins through a full rate and credit cycle is still unproven.
4. Expansion into new lending and crypto-native products.
Figure has broadened beyond HELOCs through its Kiavi acquisition (residential real estate investor lending) and a suite of blockchain-linked products including Democratized Prime, the YLDS yield-bearing stablecoin, and the OPEN equity network. Each new product is a potential additional revenue line that leverages the same origination and marketplace infrastructure. Adoption of these newer products, however, is early and less proven than the core HELOC business.
What are the risks to FIGR?
Figure carries elevated, above-average risk for a recently public company. In April 2026, short-seller Morpheus Research published a report arguing that Figure overstates how central blockchain is to its operations and that several of its crypto-native products have stalled, and it disclosed a short position; Figure disputed the report, but the controversy has weighed on the stock and remains unresolved. In February 2026 the company confirmed a data breach exposing sensitive personal and financial information of nearly one million people, which has drawn consumer class-action litigation and reputational risk. The business is economically cyclical and rate-sensitive, because HELOC demand, loan pricing, and marketplace activity all depend on interest rates, home prices, and consumer credit conditions, so a housing downturn or rising defaults would pressure origination volume and credit losses. The stock trades at a high earnings multiple and has been extremely volatile (falling from roughly $78 in January 2026 to the low $30s), meaning the price already assumes strong future growth and can move sharply on sentiment. Finally, as a young public company with a founder-led governance structure and concentrated insider ownership, execution and key-person risk around co-founder Mike Cagney are meaningful.
How is FIGR valued? (as of July 2026)
Snapshot for FIGR as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- Revenue (TTM): ~$510 million (up ~74%)
- Net Income (TTM): ~$108 million
- Full-Year 2024 Revenue: ~$293 million
- P/E Ratio (trailing): ~54 (forward ~30)
- Market Capitalization: ~$6.9 billion
- Stock Price: ~$31 (down from a ~$78 high in Jan 2026)
- IPO (Sep 2025): ~$25 per share, ~$788 million raised
As of July 2026, Figure trades at a high trailing earnings multiple (around 54 times earnings), which reflects investor expectations of continued rapid growth rather than a value valuation. Revenue and net income have grown quickly since the September 2025 IPO, but the shares have been highly volatile, falling from roughly $78 in January 2026 to the low $30s amid a short-seller report and a data breach. Figures are approximate and change with each earnings release and with the stock price.
How do you decide if FIGR is a buy?
Rather than asking whether FIGR is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold FIGR indirectly through an index or sector ETF before adding more.
For the full picture, see the FIGR stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about FIGR against your real portfolio and see your actual exposure before deciding.
The bottom line on FIGR
The bottom line: Figure Technology Solutions's story right now is HELOC origination scale and market leadership, with revenue (ttm) at ~$510 million (up ~74%). If you believe that narrative continues, the call is about sizing FIGR sensibly and checking overlap with what you own; if you doubt it (the risk: figure carries elevated, above-average risk for a recently public company.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
Build a basket around FIGR with Walnut
Use Figure Technology Solutions as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
Is FIGR a good stock to buy right now?
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The case for Figure Technology Solutions right now is HELOC origination scale and market leadership, with revenue (ttm) at ~$510 million (up ~74%). If you believe that thesis holds, FIGR is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is figure carries elevated, above-average risk for a recently public company. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does Figure Technology Solutions do?
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Figure Technology Solutions, Inc.
What are the main risks of FIGR?
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Figure carries elevated, above-average risk for a recently public company. In April 2026, short-seller Morpheus Research published a report arguing that Figure overstates how central blockchain is to its operations and that several of its crypto-native products have stalled, and it disclosed a short position; Figure disputed the report, but the controversy has weighed on the stock and remains unresolved. In February 2026 the company confirmed a data breach exposing sensitive personal and financial information of nearly one million people, which has drawn consumer class-action litigation and reputational risk. The business is economically cyclical and rate-sensitive, because HELOC demand, loan pricing, and marketplace activity all depend on interest rates, home prices, and consumer credit conditions, so a housing downturn or rising defaults would pressure origination volume and credit losses. The stock trades at a high earnings multiple and has been extremely volatile (falling from roughly $78 in January 2026 to the low $30s), meaning the price already assumes strong future growth and can move sharply on sentiment. Finally, as a young public company with a founder-led governance structure and concentrated insider ownership, execution and key-person risk around co-founder Mike Cagney are meaningful.
What does Figure Technology Solutions do?
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Figure is a financial technology company that originates and distributes loans, with home equity lines of credit (HELOCs) as its core product. It runs a loan marketplace called Figure Connect and uses blockchain-based infrastructure to track and transfer loans, and it is the largest non-bank provider of home equity financing in the U.S.
When did FIGR go public?
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Figure Technology Solutions listed on the Nasdaq Global Select Market under the ticker FIGR on September 11, 2025. It priced its IPO at $25 per share, sold about 31.5 million Class A shares, and raised roughly $788 million.
Is Figure profitable?
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Yes. As of mid-2026 Figure reported trailing-twelve-month revenue of about $510 million and net income above $100 million, and it posted roughly $89.8 million of net income in the third quarter of 2025. Sustained profitability is unusual for a young fintech, though its durability through a full cycle is unproven.
Why has FIGR stock been so volatile?
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Shares ran up to roughly $78 in January 2026 and then fell toward the low $30s. The drop followed an April 2026 short-seller report from Morpheus Research disputing Figure's blockchain claims, a February 2026 data breach, and the general volatility of a high-multiple, recently public growth stock.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell FIGR; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.